Accounting Equation Worksheet
After you have answered the questions, press the ANSWERS button at the bottom. Your responses will be checked and you will be provided with feedback.
Fill in the blanks
???
Assets
Liabilities
Fund Balance
minus
???
Assets
Liabilities
Fund Balance
equal
???
Assets
Liabilities
Fund Balance
???
Revenues and Fund Additions
Expenses and Fund Deductions
increase
Fund Balance.
???
Revenues and Fund Additions
Expenses and Fund Deductions
decrease
Fund Balance.
Indicate if the following item is an asset or liability.
Bill due to Tucson Electric Power
Asset
Liability
Savings Account
Asset
Liability
McDonald's Stock
Asset
Liability
Mortgage
Asset
Liability
VISA
Asset
Liability
Indicate if the following statement is true or false.
True
False
Assets are things you own, liabilities are things you owe and Fund Balance is the difference between the two.